Fertilizers & Chemicals Travancore Net Debt / EBITDA jumped on 221.9x from 13.3x to 235.2x in 2019 and Revenue increased slightly on 1.3%
29-08-2019 • About Fertilizers & Chemicals Travancore (
$FACT) • By InTwits
Fertilizers & Chemicals Travancore reported FY2019 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Fertilizers & Chemicals Travancore motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2015-FY2019 was 0.0% while average EBITDA Margin was -1.6% for the sames years
- Fertilizers & Chemicals Travancore has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.3%.
- The company has unprofitable business model: ROIC is -1.9%
- It operates with high leverage: Net Debt/EBITDA is 235.2x while industry average is 3.2x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue increased slightly on 1.3%. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased on 8.2 pp from 8.7% to 0.49% in FY2019.
Net Income margin surged on 15.0 pp from -6.7% to 8.3% in FY2019. Net Income margin stuck to a growing trend at 7.6 pp per annum in the last 5 years.
Leverage (Debt)
Company's Net Debt / EBITDA is 235.2x and Debt / EBITDA is 235.9x. Net Debt / EBITDA surged on 221.9x from 13.3x to 235.2x in FY2019. Debt showed almost no change in FY2019 while cash dropped on 86.1%.
Fertilizers & Chemicals Travancore has short term refinancing risk: cash is only 1.3% of short term debt.
Financial and operational results
FY ended 31-03-2019
Fertilizers & Chemicals Travancore ($FACT) key annual financial indicators| mln. INR | 2015 | 2016 | 2017 | 2018 | 2019 | 2019/2018 |
|---|
P&L
|
|---|
| Revenue | 19,788 | 17,360 | 18,833 | 19,287 | 19,546 | 1.3% |
| EBITDA | -1,651 | -2,069 | 452 | 1,679 | 96 | -94.3% |
| Net Income | -3,999 | -4,522 | -2,627 | -1,291 | 1,627 | |
Balance Sheet
|
|---|
| Cash | 375 | 202 | 323 | 461 | 64 | -86.1% |
| Short Term Debt | 9,128 | 1,835 | 6,318 | 5,074 | 4,779 | -5.8% |
| Long Term Debt | 1,615 | 16,271 | 17,705 | 17,705 | 17,960 | 1.4% |
Cash flow
|
|---|
| Capex | 94 | 32 | 77 | 91 | 0 | -100.0% |
Ratios
|
|---|
| Revenue growth | -10.4% | -12.3% | 8.5% | 2.4% | 1.3% | |
| EBITDA growth | 13.7% | 25.4% | -121.9% | 271.0% | -94.3% | |
|
|---|
| EBITDA Margin | -8.3% | -11.9% | 2.4% | 8.7% | 0.5% | -8.2% |
| Net Income Margin | -20.2% | -26.0% | -13.9% | -6.7% | 8.3% | 15.0% |
| CAPEX, % of revenue | 0.5% | 0.2% | 0.4% | 0.5% | 0.0% | |
|
|---|
| ROIC | -41.3% | -60.9% | 3.4% | 19.7% | -1.9% | -21.6% |
| Net Debt/EBITDA | | | 52.4x | 13.3x | 235.2x | 221.9x |
Fertilizers & Chemicals Travancore ($FACT) key quoterly financial indicators
| mln. INR | FY19Q1 | FY19Q2 | FY19Q3 | FY19Q4 | | YoY change |
|---|
P&L
|
|---|
| Revenue | 3,441 | 5,340 | 5,914 | 4,855 | | - | - | - | - |
| EBITDA | -220 | 130 | 131 | 53 | | - | - | - | - |
| Net Income | 3,144 | -519 | -498 | -496 | | - | - | - | - |
Balance Sheet
|
|---|
Ratios
|
|---|
| EBITDA Margin | -6.4% | 2.4% | 2.2% | 1.1% | | - | - | - | - |
| Net Income Margin | 91.4% | -9.7% | -8.4% | -10.2% | | - | - | - | - |
Peers in
Below you can find Fertilizers & Chemicals Travancore benchmarking vs. other companies in industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Ginni Filaments ($GINNIFIL) | - | - | 0.4% | -7.5% | 14.6% |
| Vardhman Acrylics ($VARDHACRLC) | - | - | -17.7% | -11.2% | - |
| |
|---|
| Median (2 companies) | 8.8% | 5.2% | -8.6% | -9.4% | 14.6% |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | - | - | 8.5% | 2.4% | 1.3% |
Top companies by EBITDA margin, %
| Top | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Vardhman Acrylics ($VARDHACRLC) | - | 9.9% | 10.2% | 9.6% | - |
| Ginni Filaments ($GINNIFIL) | - | 9.6% | 10.3% | 7.5% | 6.4% |
| |
|---|
| Median (2 companies) | 10.7% | 10.3% | 10.3% | 8.6% | 6.4% |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | - | -11.9% | 2.4% | 8.7% | 0.5% |
Top companies by CAPEX/Revenue, %
| Top | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Ginni Filaments ($GINNIFIL) | - | - | 4.3% | 5.1% | 1.4% |
| Vardhman Acrylics ($VARDHACRLC) | - | 0.8% | 0.3% | 0.5% | - |
| |
|---|
| Median (2 companies) | 5.0% | 4.2% | 2.3% | 2.8% | 1.4% |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | - | 0.2% | 0.4% | 0.5% | 0.0% |
Top companies by ROIC, %
| Top | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Ginni Filaments ($GINNIFIL) | - | 9.8% | 12.4% | 6.2% | 5.6% |
| Vardhman Acrylics ($VARDHACRLC) | - | - | 9.4% | 7.5% | - |
| |
|---|
| Median (2 companies) | 4.4% | 5.3% | 10.9% | 6.8% | 5.6% |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | - | -60.9% | 3.4% | 19.7% | -1.9% |
Top companies by Net Debt / EBITDA
| Top | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Ginni Filaments ($GINNIFIL) | - | 3.4x | 2.9x | 5.0x | 5.4x |
| Vardhman Acrylics ($VARDHACRLC) | - | -0.0x | -0.2x | -0.1x | - |
| |
|---|
| Median (2 companies) | 1.1x | 0.7x | 1.3x | 2.5x | 5.4x |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | - | - | 52.4x | 13.3x | 235.2x |
